November 29, 2012 by admin · Leave a Comment Within seven years, China will eclipse the United States in box office revenue, according to a study by the accounting firm Ernst & Young reported in todays (Thursday) Los Angeles Times. Already the worlds No. 2 market for motion pictures, Chinas domestic media and entertainment industry is expected to grow at an average 17 percent annual rate through 2015, exceeding the countrys overall economic growth, according to the study, released at a conference hosted by the accounting firm in Shanghai. The report warned that the Chinese entertainment industry faces numerous obstacles, including domestic piracy so pervasive that Chinese consumers expect to pay little or nothing for content and government restrictions that buttress state media while limiting participation by domestic or foreign private companies. In a statement accompanying the report, John Nendick, who has the title of Ernst & Youngs Global Media & Entertainment Industry Leader, said: The challenges for media and entertainment companies to penetrate China are still considerable; however, the vast potential of the market makes it impossible to ignore.